Quantumup
Oppenheimer reiterated $TRVI Outperform-$25 and said -- We caught up w/mgmt ahead of the sample size re-estimation (SSRE) of the Phase 2b LAKE trial in refractory chronic cough (RCC).
$MRK $RHHBY 𝑮̶𝑺̶𝑲̶ PLRX
Oppenheimer added—We would view the recommendation to either continue the trial without change or increase enrollment as positive, as both outcomes would imply observation of a drug effect—with the latter merely serving to protect statistical power.
We would be surprised to see futility given Haduvio's clinical record across chronic cough settings, but in such event we believe IPF-related chronic cough (to which we assign ~$11 incl. cash) would offer downside protection.
The SSRE is anticipated in 4Q with definitive guidance to be provided w/3Q results.
We attribute the recent pullback to GSK's exit from the space and see an attractive entry here.
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